35-8-703. Nature of distributional interest. (1) A member is not a co-owner of, and does not have a transferable interest in, property of a limited liability company.
(2) A member's distributional interest in a limited liability company is personal property and, subject to the provisions of 35-8-707, may be transferred in whole or in part.
(3) An operating agreement may provide that a member's distributional interest may be evidenced by a certificate of the interest issued by the limited liability company and, subject to the provisions of 35-8-707, may also provide for the transfer of any interest represented by the certificate.
History: En. Sec. 40, Ch. 120, L. 1993; amd. Sec. 26, Ch. 302, L. 1999.
Structure Montana Code Annotated
Title 35. Corporations, Partnerships, and Associations
Chapter 8. Montana Limited Liability Company Act
Part 7. Ownership and Transfer of Property
35-8-701. Ownership of limited liability company property
35-8-702. Transfer of real property
35-8-703. Nature of distributional interest
35-8-705. Rights of judgment creditor
35-8-707. Transfer of distributional interest -- rights of transferee